Shares of Rocket Companies, Inc. (NYSE:RKT – Get Free Report) have earned a consensus rating of “Hold” from the eighteen research firms that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $20.9286.
A number of analysts recently issued reports on the stock. Keefe, Bruyette & Woods dropped their target price on shares of Rocket Companies from $22.00 to $21.00 and set an “outperform” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. dropped their target price on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Compass Point assumed coverage on shares of Rocket Companies in a research report on Tuesday, March 10th. They set a “buy” rating and a $21.00 target price for the company. Citizens Jmp assumed coverage on shares of Rocket Companies in a research report on Wednesday, March 25th. They set a “market perform” rating for the company. Finally, Stephens assumed coverage on shares of Rocket Companies in a research report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 target price for the company.
Read Our Latest Report on Rocket Companies
Rocket Companies Stock Down 6.6%
Rocket Companies (NYSE:RKT – Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. The firm had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The company’s revenue was up 167.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.04 EPS. Sell-side analysts expect that Rocket Companies will post 0.63 earnings per share for the current year.
Key Stories Impacting Rocket Companies
Here are the key news stories impacting Rocket Companies this week:
- Positive Sentiment: Rocket’s Q1 call highlighted “AI-fueled momentum,” reinforcing the company’s push to use technology to improve growth, efficiency, and the customer experience. Rocket Companies Q1 Call Showcases AI-Fueled Momentum
- Positive Sentiment: In the company’s Q1 update, Rocket reported adjusted EPS of 15 cents versus 12 cents expected and revenue of $2.94 billion versus $2.78 billion expected, signaling stronger-than-expected operating performance. Is Rocket (RKT) the Best Affordable Stock to Buy According to Wall Street Analysts?
- Positive Sentiment: Redfin data showed U.S. home prices rose at the fastest pace in more than a year, which could support mortgage origination activity and Rocket’s housing-related businesses. Redfin Reports Home Prices Posted the Biggest Increase in Over a Year in April
- Positive Sentiment: Rocket Mortgage’s VA-loan awareness campaign highlights a large pool of eligible borrowers who may not be using a no-down-payment product, suggesting a potential growth opportunity. Only Half of Service Members Are Aware VA Loans Require No Down Payment
- Neutral Sentiment: Management also announced CEO Varun Krishna will speak at JPMorgan’s technology, media, and communications conference next week, a visibility event that could provide more detail on strategy but is not an immediate earnings catalyst. Rocket Companies CEO Varun Krishna to Present at JP Morgan Global Technology, Media, and Communications Conference
- Neutral Sentiment: Rocket disclosed a brief quarterly filing delay via Form 12b-25, which usually indicates an administrative issue rather than a major fundamental problem. Rocket Companies Explains Brief Quarterly Filing Delay
- Negative Sentiment: Keefe, Bruyette & Woods lowered its price target on RKT to $21 from $22, which may weigh on sentiment even though the firm kept an outperform rating. Rocket Companies (NYSE:RKT) Price Target Lowered to $21.00 at Keefe, Bruyette & Woods
- Negative Sentiment: Additional coverage from analysts and sector-watch lists suggests the stock is still being evaluated alongside other fintech names, but not all of that attention is clearly bullish. Fintech Stocks To Keep An Eye On – May 11th
Hedge Funds Weigh In On Rocket Companies
Institutional investors and hedge funds have recently bought and sold shares of the stock. Brooktree Capital Management boosted its holdings in Rocket Companies by 27.5% in the 3rd quarter. Brooktree Capital Management now owns 148,653 shares of the company’s stock worth $2,881,000 after acquiring an additional 32,088 shares during the period. Cibc World Market Inc. purchased a new position in Rocket Companies in the 3rd quarter worth approximately $2,689,000. Udine Wealth Management Inc. boosted its stake in shares of Rocket Companies by 86.1% during the 3rd quarter. Udine Wealth Management Inc. now owns 168,070 shares of the company’s stock valued at $3,257,000 after buying an additional 77,736 shares during the last quarter. Thames Capital Management LLC boosted its stake in shares of Rocket Companies by 54.3% during the 3rd quarter. Thames Capital Management LLC now owns 1,106,003 shares of the company’s stock valued at $21,434,000 after buying an additional 389,101 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Rocket Companies by 29.5% during the 3rd quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock valued at $444,684,000 after buying an additional 5,226,931 shares during the last quarter. Hedge funds and other institutional investors own 4.59% of the company’s stock.
Rocket Companies Company Profile
Rocket Companies, Inc is a Detroit-based holding company whose businesses are centered on digital mortgage origination and related consumer finance and real estate services. The company grew out of the Quicken Loans franchise and completed an initial public offering in 2020. Founder Dan Gilbert remains a prominent figure associated with the firm, which operates a suite of brands that aim to simplify the home financing and buying experience through technology and scale.
The company’s core activity is mortgage lending through its Rocket Mortgage platform, which offers online application, underwriting and servicing for home purchase and refinance loans.
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